GLP Capital closes $ 2.3 billion logistics real estate fund



GCP CEO Alan Young (Getty, GCP)

GCP CEO Alan Young (Getty, GCP)

GLP Capital Partners raised $ 2.3 billion in its logistics real estate fund, surpassing its target in a sector that gained strength throughout the pandemic and remains hot.

The company announced the final closure of GLP Capital Partners IV on Wednesday, saying it had a target fundraising of $ 2 billion.

The company said the North American foundation has already committed more than $ 1 billion to build 25 million square feet of real estate, including in Southern California and South Florida. The remaining amount will also be focused on US assets.

GLP Capital Partners IV is considered the largest logistics asset fund on the continent, according to the Commercial Property Executive, which first announced the closure. Founder and CEO Alan Young said the company is demonstrating “demand for logistics properties driven by the acceleration of e-commerce.”

The fund has received capital commitments from US and international organizations, including sovereign wealth funds, asset management firms, and family offices.

IN manufacturing sector and logistics facilities in particular have gained momentum during the pandemic, in large part due to huge demand from Amazon and other e-commerce providers.

Duke Realty and CBRE Global Investors have formed a joint venture company targeting logistics assets, according to a CRE report. The duo recently paid $ 157 million for a 1.3 million square foot portfolio.

Construction giant Clayco launches logistics fundwhich has already raised $ 100 million in the past few months and expects another $ 350 million, according to Crain’s.

[CRE] – Holden Walter-Warner


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